Analysts were not wowed by Marsh & McLennan Companies', the parent of Putnam and Mercer Consulting, first quarter earnings report, issued on Wednesday.

Earnings per share were up 2 percent and net income barely 1 percent from the same period a year ago.

The results included Putnam regulatory settlements totaling $130 million and a $278 million insurance settlement for losses related to the World Trade Center.

Putnam's assets under management declined 5 percent to $227 billion from $240 billion the quarter ending December 31, 2003.

Institutional assets were $70 billion, declining 9 percent from December 31, 2003 and 19 percent from the same period last year. As of March 31, 2004, institutional assets made up 31 percent of total assets under management. Mutual fund assets declined 4 percent from December 31, 2003.

"We believe the changes that Putnam is making will result in a stronger organization, and we are positive about Putnam's long-term business prospects," said Jeffrey W. Greenberg, chairman and chief executive officer of MMC.  

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